4 Points To Consider Before Selecting Your Business Office

September 10, 2020 Leave a Comment

Are you thinking about investing in your new business office? This is a big decision for your company and that means that you need to consider your options carefully. Here are some of the key possibilities that you should keep in mind and the reasons why they are so important. 

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Is It Secure?

 

First, you might think that no one is going to target a small office used by an SME or even a solopreneur. Don’t be so sure though because if they think you don’t have the right security measures in place then you will look like an easy target. That’s why you need to make sure that you explore the right options in terms of security. For instance, you should consider whether the business property has CCTV systems in place. This should give you the peace of mind that your property will be safe even when you are away from the office. It’s certainly advised if you’re buying rather than renting. 

 

Is It The Right Location?

 

Next, it’s worth thinking about the location of your business. The location is important because it will help you attract the right employees as well as the right clients. Most employees aren’t going to want to work for you if there are no transport links, zero infrastructure and they’ll be looking at a difficult commute. The wrong location will also make it difficult to gain new clients through foot traffic. It’s always going to be more expensive to buy a property in a built-up area. But it can be worth it due to the number of clients that you will attract overtime. In the long run, this might help you gain larger profits. 

 

Is It Safe?

 

You can’t forget about safety when you are choosing your business office. Don’t forget, when you run a business property you are liable for any accidents or incidents that occur there. Slip and fall attorneys will tell you how much businesses can lose when they don’t take this into account and take premises liability seriously. You can have damage claims in the hundreds of thousands which is incredibly dangerous for an SME. It can easily knock you out of the running. The easiest way to avoid this is to ensure safety is a top priority. Check your office for any potential hazards long before you decide to sign on the dotted line. 

 

Does It Look Professional?

 

Finally, you do need to think about the look and aesthetic of the building. It’s more important than you realize because it can determine whether you are able to win over that crucial client. It could be the difference between choosing you and a key competitor. So, how do you guarantee that your clients are impressed with the office? Well, you need to make sure that you choose one that looks and feels modern as well as sophisticated. If you do this, then you will demonstrate that your business is poised for the future and that’s exactly what your clients want to see.

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Expand your Business Regardless of the Economy with This Top Guide

August 4, 2020 Leave a Comment

Growth and expansion really are the key to your businesses’ success. If you feel as though you are ready to take that next step then you can find out everything you need to know, right here.

Add some New Products

The first thing that you need to do is try and add some new products and some services to your mix. This may sound simple but executing this can be a challenge. To begin with, it’s important that you try and figure out which products or services your customers are going to want. You also need to find out how much they are willing to pay for them. Next you need to find out whether or not you can sell the new service at a profit. The best and easiest way for you to accomplish this would be for you to do some market research before you commit any of your resources. Talk with your customers right now and find out what they think about your new services or products, and also include any potential price points too.

Sell more to the Customers you Have Now

It’s vital that you try and sell more to the customers you have now if you want to expand on a budget. Penetrating into your existing customer base is easy to do when you have the right tools and when you use it in combination with the above strategy, you will soon see that the results really pay off. If you want to benefit, then start out by performing a market analysis so you can figure out the customer segments who are most likely to buy from you. This will divide your customers into criteria and it will also help you to analyse the total profitability as well.

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Expand into New Territories

The idea is that you need to market and sell your existing products to your new customers. These customers could be in different segments, or in different niches. If you own a retail store, then you may need to operate in other locations, or you may need to go into different geographical areas. This could either be across town or even across the country. If you do this, then you will soon find that it is easier than ever for you to save time and money. When you think about expanding into a new area, the first thing that you have to do is determine how you are going to cater your advertising to your new market.  For example, if you plan on expanding into a new country then you may want to try and look into the regional differences, if they respond to different kinds of advertising there or even if there is anything that you can do to try and cater to this. If you do this way in advance, then there should be no reason why you can’t come out on top. If you want to build another company storage facility then hire some pole barn builders.

Target a New Market

Of course, you may want to target a new location, and this is great, but you still need to make sure that you have a good idea of who your target customer is. You have to make sure that you take into account their age, gender and even their location too. Psychographics are really handy to know here, such as their activities, their values and interests. You may not think that you need to know this information, but you absolutely do, and it will really work in your favor too. If you are not quite sure why it’s important then think about it- if you sell outdoor sporting gear then skateboards and helmets might cater more to a younger audience, but camping tents might be more suited to families. If your company sells both, then try and put an advertising focus on the one that is most catered to your target market and general demographic.

Sales and Delivery Channels

It’s so important that you use the internet to your full advantage where possible. The internet is the best example of how you can use a new sales or delivery channel to your advantage. It can completely transform your business too. Countless companies have been able to reinvent themselves so that they can take advantage of online opportunities, whether they are a brick and mortar company or whether they choose to open an online store. If you want to benefit yourself then you need to look into SEO, and other marketing strategies. This will help you to effectively market yourself on the web and it will also give you the chance to find out how many searches are being done for your company name.

Buy another Business

Another way for you to try and expand your own company would be for you to buy another. This is without a doubt the fastest way for you to boost your sales and your company footprint, but it is also the riskiest road for you to go down. If you merge with another company then this will double the size of your own and it will boost your revenue a huge amount. That being said, you have to make sure that you perform your due diligence as well. This will help you to rule out any acquisition candidates before you move forward with your business merger.

If you want some help finding out if the other company are a good fit for your business or not, then it is helpful to look into the financial condition of the company. You have to know their strengths, their weaknesses and how they manage their day to day operations. On top of this, it is also helpful for you to look into the client base, the soundness of the contracts that they have and more. When you think about all of this, you will soon find that it is more than possible for you to make the best decisions overall. If you need some help, then a business mentor will be able to give you the support you need.

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4 Tips For Starting Your Own Business

March 12, 2020 Leave a Comment

Are you thinking of running your own business? Maybe you are yearning for a change of career or you are looking for a new challenge. With many of us wanting to work for ourselves and forge our own path, today we want to share with you 4 tips for starting your own business. 

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Make sure that it is something that excites you

 

Our number one tip would be to make sure that your new business is something that excites you, whether it is freelancing in a familiar field or designing a new product. You are going to have to work long and hard to get this business off the ground and thriving, and you stand a much better chance of being able to do this if you are passionate about it.

 

Think through both your initial idea and the everyday practicalities that you will encounter. Is this something that you can see yourself enjoying each day? Is this something that will continue to interest and stimulate you? If the answer is ‘no’ you might want to go back to the drawing board and make a few changes or start afresh. 

 

Gather some feedback

 

With your idea in place, it is worth getting some feedback on it. 

 

You will want to run this by your trusted friends and family first and get their initial thoughts. This is a really useful and safe way to gather input from others. Use their suggestions and criticisms to shape and develop your idea and tackle any problems that they point out head on. 

 

You can then start testing the market and gathering responses from potential customers. Take their opinions into account and try not to take anything personally. Their views are invaluable to you and getting them early on in the process should help you to avoid pitfalls and ensure that you offer customers exactly what they want. 

 

Get the funding in place

 

Your idea might need very little early investment or it might require a substantial injection of cash. Write out your business plan and your funding needs should begin to become clear. You can then use this plan when you are seeking funds for your business. 

 

If you are looking to raise funds for your business you might find it useful to check out this private equity fundraising checklist, meet with your bank or check to see whether you are eligible for any government lending and grants. 

 

Trust in yourself

 

You could have the best idea for a business, you could read every single business advice manual, you could get tips from the experts in your industry and have solid backing from experienced investors, but you will still have problems making a success of your business if you fail to trust in yourself. 

 

You are your business’ USP and you need to have confidence in your idea and your ability to see it through. Trust that you have what it takes and trust that your plans are all sound. You will need to rely on this confidence through any rocky times, so remember, you’ve got this, you can do it.

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